25A - AGMT - SEIU MOU FULL TIME - Laserfiche WebLink

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11.6 Medical Retirement Subsidy Plan. Based on the first payroll period in July and no later than Judy 3'Ist each year, the City shall contribute to a fund an amount of money equal to 1.75% of the bargaining unit's salary base for the purpose of providing a retiree health insurance subsidy plan. Eligibility for and the specific payments made to members of the bargaining unit pursuant to this plan shall be designated at the sole discretion of SEIU. The plan shall be administered by the City, at no cost to the Union or its members pursuant to the written directives of SEIU. The fiords contributed by the City will be maintained in such a manner as to insure that the funds are invested in a reasonably secure plan that bears a reasonable rate of interest/growth given current 'financial markets. For purposes of this MOU, investinents made pursuant to the then current Statement of Investment Policy for the City of Santa Ana, shall be deemed to meet the requirements of this section. This program is for medical insurance premium reduction only. Upon Council approval, the City's animal contribution of 1.75% deposited in the Medical Retirement Subsidy Plan shall cease. 2. The Union agrees to dissolve the existing Medical Retirement Subsidy Plan by June 30, 2016 unless the deadline has been extended by mutual agreement of SEIU and the City. SEIU will advise the City as to distribution of the balance of funds in account agrees to defend the City against, and indemnify the City for, any liability and damages incurred by the City as a result of the dissolution of the SEIU Medical Retirement Subsidy Plan. 11.7 Retirement Health Savings Plan (RHS). A. The City agrees to amend the current contract with ICMA -RC to allow SEIU members to participate in the "Vantage Care" Retirement Health Savings Plan effective January 1, 2016, or as soon as the individual RHS accounts are established. Upon establishment of the RHS Accounts, the City and Union agree to the following elements: 1. The City will increase the base pay of each SEIU member by 1.25% with said amount being deposited into employees' individual RHS accounts each pay period. This 1.25% increase in base is in -Iieu of the Annual City Contribution of 1.75% paid to the Medical Retirement Subsidy fund in July each year. 2. Upon retirement, an individual's accrued leave balances will be directed into the individual's RHS account based on the plan guidelines determined by SEIU. 50 25A -54